Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The Spanish subsidiary of the bank Novo Banco has agreed with the company's trade unions to initiate a labour force adjustment affecting 125 workers. This is a reduction from the company's initial proposal, which suggested a dismissal of 145 workers. Severance pay agreed will be higher than required by new Spanish regulation (20 days per year worked). Instead workers will receive severance pay equal to 33 days per year worked up to a maximum of 24 months. Employees who are older than 54 years will be able to avail of a special programme which entitles them to receive 85% of their current wage until they are 60 years old.
Eurofound (2016), Novo Banco, Internal restructuring in Spain, factsheet number 87153, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87153.